Life Insurance Planning for 2013
This article is about planning that no one wants to dwell on, but everyone should. In other words, “just do it,” so that if something unexpected happens. you won’t be leaving a mess for your loved ones.
What I am saying is take some time and make sure you have a Last Will & Testament or a Will. Think about medical power of attorney, a living will, and other documents as well. You can get computer programs, books at the library or office supply stores to help or you can go to an attorney in the community where you live. I chose to use an attorney.
I cannot tell you how many people I have talked to about life insurance who do not have a will. I think having a will is very important for everyone once you are on your own. Some of the big triggers for people are getting married, having children and purchasing a home.
Having a will is not for just people with money. No matter what you think, you have to make your passing not so much of a burden for the people closest to you. I know you probably don’t want to think about this, but from time to time please do.
That said if you do have a will, look it over every so often, for example, every 5 years or when you have an event in your life that warrants it. Also think about having a list final wishes and desires on your passing. Even better, write a letter to loved ones as to what your wishes are for your remains when you pass. That is, spell out exactly what you want. For example, if you want a funeral service, what type? Give your loved ones some help so it will be easier to carry out your wishes.
A will only addresses your estate and assets for the most part, so there is much more to life than that.
I used the unexpected passing of a dear friend this past December along with a good article in the New York Times for my motivation in writing this article. Please see the list of links I have at the bottom for additional information and resources. I also plan to have more planning resources listed on this web site soon (lists, etc.)
CIGNA Life Insurance calculator
Audio on this NPR How to make estate planning less daunting.
A Radio News story talking about when should you start your SS benefits. Deciding The Right Time To Claim Social Security (from NPR 04/02/2013)
May 30,2013 from a University of Houston email:
Your Will: Learn from Celebrity Blunders
What are three mistakes you should avoid when it comes to your will?